56% of financial planning & analysis and 20% of risk management activities can be either highly or fully automated.
Risk reconciliation done by robots is an example of risk monitoring that is unassisted (no humans!). Robotic process automation is extremely flexible in what it can retrieve and sort.
Instead of bookkeepers and legal aides digging around for sources, the data can be automatically found, gathered and placed into the appropriate risk registers by robots.
Partners or their financial controllers will have more time to assess the risk at the client and transactional level.
3. 1.RPA’s use in assessing the financial risk of a law firm
• 56% of financial planning & analysis and 20% of risk
management activities can be either highly or fully
automated.
• Risk reconciliation done by robots is an example of
risk monitoring that is unassisted (no humans!).
Robotic process automation is extremely flexible in
what it can retrieve and sort.
• Instead of bookkeepers and legal aides digging
around for sources, the data can be automatically
found, gathered and placed into the appropriate
risk registers by robots.
• Partners or their financial controllers will have more
time to assess the risk at the client and
transactional level.
4. 2.RPA and client risk in law
• A client’s risk profile can be built more quickly
using robots. Software robots operate across
already existing document management, e-
discovery, imported public databases or law
practice management applications.
• Take one example: robots filling in fields of the
anti-money laundering (AML) and Counter-
Terrorist Financing (CTF) risk assessment forms.
Recoverable information can include the length
of relationship between the firm and the client,
countries and geographic regions where the
client operates, the client’s products & services,
and delivery channels.
5. 3.RPA ensuring legal compliance
• Yet even a cleared new client (or a
regular) can go rogue. Keeping up with
compliance checks before or after a trial
protects a firm against sanctions and fines
further down the line.
• Software robots can automatically
perform periodic due-diligence checks
and flag suspicious activity with 24-hour
vigilance and 100% accuracy .
• RPA’s software robots are able to fill out
the Suspicious Activity Report (SAR) and
ping it when done. Through crawling the
law firm’s records, robotic process
automation can automatically place
information required in the subject details
and transaction details.
6. 4.RPA coordinating information between fee earner &client
• Robotic process automation essentially
automates business and people requests to
ensure consistency across multiple systems
and formats.
• During case preparation, robotic process
automation can sort and locate various
documents delivered by the client ready for
preservation and disclosure. N
• Above all, robotic process automation is user
friendly. The fee earner does not need
technical knowledge to create a robot. By
using the main Graphical User Interface
(GUI), the robot can be directed to act across
applications, legaltech or otherwise.
7. 5.RPA’s role in reducing fee overruns
• Fee overruns not only causes friction with the
client, but can open up lengthy cost disputes
and satellite cases.
• RPA can be a key tool for quicker task
completion when a client’s own records system
is also brought into the mix. This helps close any
communication gaps. Delays in providing key
documents and instructions from the client’s
side places extra pressure on the fee earner
who now has even less time.
• RPA can be deployed at-scale to help ease the
burden during peak activity. This makes it
particularly valuable in times of case
acceleration whether it be by changes requiring
extra work, commercial developments forcing
tasks to be moved forward, or previous matters
overrunning.
8. 6.RPA for accurately tracking and auditing running costs
• It is worth keeping in mind that it’s possible that a
claimant receives less money under a fixed
recoverable cost.
• It has become a habit for corporate clients to use
task-based billing after years of frustration of block-
billing. If you find yourself dealing with a task-
based billing client, RPA can conduct regular
monthly file audits on a thematic basis.
• Software robots can log audit trails to track a fee
earner’s noted activities in time management
systems and reference them during billing disputes
or compliance issues. Overall, the process would
need less manual human inputs and less time for
review.
9. Law firms are faced with the unstoppable march of fixed
recoverable costs. Applying robotic process automation in the
contemporary challenges of the legal industry requires looking
deeper into the risks of taking on a case and making sure your
case management is optimized. The flexibility of robotic
process automation shows that it shines in matters dealing
with data, accuracy and efficiency.
10. Want to sign up for
our course? Contact us on
Phone :+91 900 480 9189
Email: info@schoolofrpa.co.in
Online Instructor Led Training
Certification
Flexible Timings
Placement Assistance
11. to our channel and click on Bell ICON
To watch Our upcoming Video